Piaggio Aerospace announced on 19 January that it was re-opening the sale process to acquire the company. (Piaggio Aerospace/Paul Cordwell)
Piaggio Aerospace announced on 19 January that it has formally restarted the process for finding a new owner following the collapse of a potential bid last year.
The company's Extraordinary Commissioner, Vincenzo Nicastro, announced the relaunching of the sale, with formal advertisements being placed in a number of financial news outlets.
“Discussions with a number of counterparties are still ongoing, but we want to be sure we can guarantee a long-term future for the company”, Nicastro said. “That's why we are formally starting the sale process again. But not from scratch: The preparatory work on the data room is already done, while we have set very tight deadlines for the due diligence and bid submission phases in order to speed up the process as much as possible. As always, we will carefully evaluate all the offers that will be submitted,” he added.
The company also revealed that in 2021 it had achieved a turnover of EUR125 million (USD142 million), along with an order book worth EUR500 million and a pipeline of an estimated EUR180 million yet to be finalised.
Bidders for the company will have until 28 February to submit an expression of interest.
Looking to read the full article?
Gain unlimited access to Janes news and more...
